New York, N.Y., May 17, 2007 Tiffany & Co. (NYSE: TIF) reported that its Board of Directors has declared a 20% increase in the quarterly dividend rate on its Common Stock. This action increases the rate from $0.10 per share per quarter to a new rate of $0.12 per share per quarter, or $0.48 per share on an annualized basis. The dividend will be paid on July 10, 2007 to stockholders of record on June 20, 2007.
Michael J. Kowalski, chairman and chief executive officer, announced the increase at the Company's Annual Meeting of Stockholders. He said, "This increase reflects the Board's confidence in our growth potential. It also marks the fifth consecutive year of dividend increases, and means that the rate has tripled over that period."
Tiffany & Co. operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or trade names other than TIFFANY & CO. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.
James N. Fernandez
Mark L. Aaron